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at the history of what has been done. there is a long history of using that debt limit as a moment to distract from the party in power. if we had an academic seminar on the impact of the that struggle and the fiscal policy, he would say that it was a negative thing. >> well, i have never until last year of august 2011, i have not seen any serious effort or serious threat made by the leadership of congress to refuse to give the secretary of treasury the ability to offer to meet obligations congress had adopted. i thought that was a new experience for us. it certainly was for me to see that happen. dr. zandi, you said you think that we need to repeal this law that tries to set a debt limit and concentrate more on taxing and spending policies that causes to raise the debt, as i understand? >> absolutely. it is a bad way to conduct policy. it is a problem. look at july and august of 2011. it was a mess. gdp downgraded the debt. it really had an impact. cbo is estimating the interest costs is costing us money. it is pretty clear that this is not going to get any better going forward. it will be wor
be spending that money. let us get on with building a business. society should do it. people should take that as a given. i know the rest of us have it. we would gladly get rid of all of that in a minute. it is a health care issue. we talked about technology and data sharing. there are productivity, issues that are significant. >> i want to touch on some other hot-button topics we have not discussed as much. capital gains, dividends. current laws, they go back up. dividends treated as ordinary income. capital gains goes back up to 20%. how much revenue are we talking about? if those become bargaining chips, how much are we giving up? >> under current law, the capital gains rate is scheduled to go to 20%. we are actually talking 23.8%. dividends are scheduled to go to ordinary rates. you need the 3.8% for people who have higher incomes. significant increases in both are scheduled. as you think about the fiscal cliff and what is coming, one of the few places you can see people responding to it is in their behavior around capital gains and dividends. companies are moving up to how, sharehol
. the delay in the spending cuts whatsoever. do you think the president's current offer gives us the 2-1 test? >> no. it is short. he needs to come up with roughly $600 billion more in spending cuts over the next 10 years. i think that there are significant reforms in medicare, medicaid, agricultural subsidies, and other programs in the budget. those are difficult things to implement. it takes a lot of guts to propose those things. i would not discount them. they are important. to answer your question more specifically, we do name or spending cuts to get to my ideal. -- we need more spending cuts to get to my ideal. >> policymakers need to reform entitlements. i do see members of the other party -- most notably, mr. hoyer --he said, not now. they are on the table for a later discussion. i have been disappointed that a lot of the discussion seems to be on the revenue side and not really on the cutting side. really quickly, the debt ceiling. there is something about your testimony that caught my attention, which is your support for the initiative offered by senator rob portman. lawmakers can ad
of us who had the privilege to serve with you. i hope and i pray that god will give you and your wife many, many more years of life and enjoyment because you have certainly earned it, because you have served not only the united states house of representatives, but you have served us, you have served the people of our districts as well as helping us be better members of congress. so with that i will close by asking god to please bless you and your family and may god continue to bless the house of representatives and jay pearson, you will be in our hearts until the day we die. god bless you. . mr. woodall: at this time, it's migrate pleasure to yield the gentleman from california, chairman of the ways and means health subcommittee, mr. herger. mr. herger: i thank my good friend. how wonderful it is to be able to sit here and listen to all these incredibly warm remarks from people who, like myself, know and love jay pearson. and there's a reason for that. jay, you're one of the best of the best. and i think, it's hard to believe that 26 years comes and goes so very, very quickly, but it
massachusetts. mr. markey: and if barney frank was down here, none of us would have -- none of this would have happened in terms of the understanding of the parliamentary procedure. he was up there trying to grab an managenary microphone. . john oliver has been for us -- olver, has been for us an invaluable colleague. he taught so much to us. when he sat down with us talking about transportation, he explained our own districts to us as far as what was possible. on climate change, i talked to him for about 20 years. he was on this issue in the early 1990's and probably understood it probably even before that. he is that smart. he is that visionary in terms of the issues are essential not just to massachusetts, but to our planet. and it has been migrate honor to have served with you, john and to have called you my friend and colleague overall of these years and we thank you so much for what you have done for us and for the country and thank you. and with that -- the speaker pro tempore: the gentleman's time has expired. under the speaker's announced policy of january 5, 2011, the gentleman from
. [laughter] two of us so far. i will see you at the reunion dinner. [applause] [laughter] i am sure the press will not read too much into that one. [laughter] i want to thank you all for your kind hospitality. i want to thank you, jimmy, for holding this event. wherever i went, people would say, i work for jack kemp. that legacy lives on some much because of the connection to the family. there was something this legacy .as such reach hi it is an honor to be a part of this an. jack kemp was my mentor. knowing jack kemp was one of the greatest experiences of my life. i was lucky to work with him. i do not know if bill is here. he has to wake up really early in the morning to do his radio show. he and i served in the house of representatives. we had our top hits. -- tough hits. we share something in common. we both used to be the next vice president of the united states. [applause] though i wish this election turned out a little differently, i am proud of a campaign has mitt romney and i ran. he would have been a great president. it would have been an honor to serve at his side. we gave this rac
a factory in china and sell cars. they can delay paying u.s. taxes on that indefinitely. but the money comes from the rent, as so-called passive income, they have to pay taxes on that immediately. this provision says if your a bank -- you can be late paying your taxes. it is going to be considered active income. it is quite valuable to them. it is kind of a gray area. in 1986 when they did big tax reform, they said that is active income and we should tax that money. host: we have been talking with sam goldfarb from cq roll call. thank you very much. >> explores the history and literary culture of all money -- of albany. tonight on c-span, a senate debate on the fiscal cliff. shaun donovan discusses it. harry reid and mitch mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially
. the second deadline that comes along as february 15, next year. that is when we have asked states to tell us they want to be a denture a partnership exchange. we will know more as far as how many work with us. >> thank you for being here and congratulations on the work in maryland. we are very proud of that. i wanted to ask you in view of the fact states will be making a judgment on whether they can stand up to a state based exchange, and another basis we will be looking at the partnership model, you spoke with your colleagues around the country who are making these decisions. what are the kinds of it zaidi's they express to you that you are able to say, look, there is a way to do this. rather it is a certain technical thing or the process of how you get a consensus behind it and get people comfortable moving forward, what are you saying to your colleagues who may be one to get there but are worried a little bit about it based on the maryland experience, it can give them some comfort and confidence they can do this? >> thank you for your question and your leadership in maryland. there is a l
for joining us today, and thank you to deloitte for partnering with us in this event. when we launched bloomberg government just about two years ago, we had the aspiration of creating a one-stop shop, with data, tools, news, and analysis to help government affairs and government sales professionals make better and faster decisions. we went a long way toward achieving that aspiration. a big part of it is conversations on the important issues that face our nation today, particularly at the intersection of business and government. today's discussion on the fiscal cliff clearly meets that. we are honored to have such a thoughtful panel. senator mark warner, senator bob corker, congressman chris van hollen, governor tim pawlenty, who is currently president and ceo of the financial services roundtable. moderating our discussion today is al hunt. we always love having al over here. he really put bloomberg on the map here in d.c.. yesterday it was his birthday -- happy birthday, al. [applause] i'm going to turn things over to congressman tom davis -- this is a man who really needs no introduct
intact. it's shames will and we need to do more than that. the people who sent us here deserve more than that we should not be crying out in the wilderness to work, we have been sent here to work and we need to get down to it. in the final hours of this congress and we have the threat of working christmas, if we have to do it to get things done, i'm willing to do that, but the majority should help solve the nation's most pressing issue, that's why we're here. do not activelyhoose to leave the work unfinished. as we silt and wait for gos on the fissclaldeliff, the other -- there is other legislation that's ready that could be done now, could help our markets, relieve the mind of employer, could give security to the middle class and people below that and we certainly ought to be doing it. today's rule simply does the following. all we're doing now at this minute is we're giving the majority the freedom to spend the rest of this month and the rest of this year on minor, noncontroversial legislation. i refuse to give this blank check to a majority that has yet to show any interest in complet
of the aisle, very good friends. as far as working things out is not as easy as it used to be. >> what are some of the root causes? >> i think and i am not pointing fingers, when we went after jimi was the newt speaker and jim was forced out of office. they went after newt. that is one of the things that started this movement. over time, i think it has become political as well as personal. much more political and personal. >> she said raising cain, are -- you will the the gavel for the oversight committee and use that to raise the number of investigations especially of the clinton administration. what do you see as your legacy of that tenure? >> i think bill clinton, president clinton and secretary as secretary -- hilary as secretary of state do not like me very much. i was chair of the government oversight committee during the time we were investigating whitewater and we were investigating campaign contributions that came from sources outside the united states and from various people. there was an awful lot to that. we had people testifying like ohnny chonung, they had contributed money to gai
and savings would know where to go, -- with nowhere to go, too fearful to be invested in productive uses, simply because of the crisis. this is the twin peaks, have been referring to. when i say there is no debt crisis, i don't mean there is no debt. the debt is a huge problem just like a cancer patient has a problem with pain. but it isn't healthy to be -- but it is analytically unhelpful to be thinking in terms of the debt crisis. we might as well refer to the crisis we are going through as the savings crisis, a crisis caused by too much savings. you have never heard anyone from bloomberg refer to it as a crisis of a glut of money with nowhere to go, but it is, just as much as it is a crisis of debt. let's begin at the beginning. let's talk about debt. reading the mainstream outlets, newspapers, or listening to the idiotic stations like fox, hyou would think that it is possible to have capitalism without debt. recall of feudalism. -- well, it isn't. once, it was possible to have an economy with debt that is marginal. recall feudalism. what was the process that led to the accumulation o
and innovation, the moment you start doing that, like having a machine that prints money, so you want to use more faster and more intensely, producing more money. if you overreach and take too much value from the future to bring it into the present, you too. the sectors in which this dynamic annapolis process is manchin to push the boundaries of technology and create wealth -- in amsterdam and holland the with-it is always local lines. there will always be surplus riches. regis and surplus regions. southern england was in debt. now is the obvious. similarly, you have new york state in surplus, washington state inertification plus. it started in manchester, in amsterdam. it is always localized. there will always be defecit regions and surplus regions. so, manchester northern england was in surplus back then. southern england was in debt. now it is the opposite. similarly, you have new york state in surplus, washington state in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are amazing institutions for allocating
Search Results 0 to 12 of about 13